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REGISTERED NUMBER: SC707503 (Scotland)



















MURRAYFIELD ICE ARENA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023






MURRAYFIELD ICE ARENA LIMITED (REGISTERED NUMBER: SC707503)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MURRAYFIELD ICE ARENA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Ms Elizabeth Jayne Neil
Alexander Sutherland Robertson





REGISTERED OFFICE: 13 Riversdale Crescent
Edinburgh
EH12 5XN





REGISTERED NUMBER: SC707503 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

MURRAYFIELD ICE ARENA LIMITED (REGISTERED NUMBER: SC707503)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 237,799 -

CURRENT ASSETS
Stocks 25,228 -
Debtors 5 116,241 -
Cash at bank and in hand 253,315 1
394,784 1
CREDITORS
Amounts falling due within one year 6 475,709 -
NET CURRENT (LIABILITIES)/ASSETS (80,925 ) 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

156,874

1

PROVISIONS FOR LIABILITIES 27,636 -
NET ASSETS 129,238 1

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 129,237 -
129,238 1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MURRAYFIELD ICE ARENA LIMITED (REGISTERED NUMBER: SC707503)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2024 and were signed on its behalf by:





Ms Elizabeth Jayne Neil - Director


MURRAYFIELD ICE ARENA LIMITED (REGISTERED NUMBER: SC707503)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Murrayfield Ice Arena Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of sales during the year, exclusive of Value Added Tax. Ticket sales are recognised at the point where payment is received. Cafe sales are recognised at the point where a meal is served or handed over to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tenant's Improvements - 10% on cost
Equipment and Fittings - 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MURRAYFIELD ICE ARENA LIMITED (REGISTERED NUMBER: SC707503)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

Employee benefits
When employees have rendered service to the company , short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Equipment
Tenant's and
Improvements Fittings Totals
£    £    £   
COST
Additions 131,646 116,527 248,173
At 31 March 2023 131,646 116,527 248,173
DEPRECIATION
Charge for year 4,391 5,983 10,374
At 31 March 2023 4,391 5,983 10,374
NET BOOK VALUE
At 31 March 2023 127,255 110,544 237,799

MURRAYFIELD ICE ARENA LIMITED (REGISTERED NUMBER: SC707503)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,788 -
Credit card debtors 6,173 -
Prepayments 91,280 -
116,241 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 64,504 -
Corporation Tax 16,656 -
VAT 6,438 -
Shareholders' loans 46,005 -
Directors' current accounts 268,268 -
Accrued expenses 73,838 -
475,709 -

Loans from directors and shareholders are interest free and repayable on demand.

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 215,000 -
Between one and five years 860,000 -
In more than five years 967,500 -
2,042,500 -

8. RELATED PARTY DISCLOSURES

The loan balance due to the directors amounted to £268,268 (2022 : nil) at the year end.

The loan balance due to a shareholder amounted to £46,005 (2022 : nil) at the year end.